Jamo It is one of many digital banking companies targeting Africa under the supervision. But unlike many who focus on large markets such as Nigeria, Egypt or South Africa, Jammu gave a place in West Africa Frankovon, specifically Ivory Coast, and recently Senegal. It now serves more than a million customers in both countries.
The Y Combinator Fintech has raised $ 17 million to expand its product wing for these retail clients and thousands of small companies that they did in the past two years.
Equity round, which is the largest ever to start Evoani, The Jumu series exceeds $ 14 million a In 2022 it reflects the investor’s continuous confidence in its mission to make banking services available at reasonable prices.
Participant founder and CEO Hassan Burghi She refused to share the new evaluation, but he said he had doubled since the last increase.
Borgi Jammu founded with the chief producers and technical employee Regis Pamba In 2020 to bridge the financial arrival gap in French -speaking African countries, Where a few adults You have bank accounts. Traditional banks in the wealthy region often meet, leaving most of the population depend on mobile phone money, a cheaper method that includes the use of phone numbers to make financial transactions.
The mobile phone money has been effective in expanding the financial access range throughout Africa. As of 2022, 28 % of adults in sub -Saharan Africa had a mobile money, each. World BankAnd the region holds more than half of the total world. But this progress has also created a roof.
Most mobile money platforms provide basic services: cash, criticism, P2P transport, and billing payments. Although it is useful, it does not open more advanced financial tools such as credit, investments or long -term savings.
Jamo places himself between mobile phone money and traditional banking services. The startup provides access to mobile phone money with the financial depth of a bank account, a similar book played by SoftBank and Palmpay owned by the transportation process to expand tens of millions of customers in Nigeria.
The founders say that its goal is an increasing segment of users, most of whom are younger clients, who have crossed the portfolio of mobile money but still find expensive or outdated traditional banks.
“These users are developing,” said Burghi. “But they do not want to go to where their parents went to institutions with predatory prices and are not adapted to the new generation of customers. This is what we build, in an attempt to become the advanced bank of this huge group of customers who are now developing into more complex financing opportunities for wealth.”
Expanding the product suite to suit the request
Since we have The last coverageJamo expanded beyond the cards and moved to counterparts. Ivorian Fintech now offers savings and investment products-thanks to the first brokerage license in the region-bank accounts associated with salaries, which Burghi sees a task to enhance customer participation.
Like many new regions, Jamo attracts users who treat it as a secondary account for the most smooth bills payments and the completion of money via mobile phone. But it is difficult to activate, which shows long -term capabilities. These users, who make up more than 55 % of the Jamo base, treat the application as a basic financial service.
Burghi says that nine out of ten users depend on Jammu because their main account comes from this sector. To reach more of them, Jamo A. Hybrid approachCombining its application with the uncompromising agents who meet customers personally to facilitate transactions, similar to the mobile money model that has now been adopted on a broader scale by Fintechs all over the continent.
Currently, only 5-10 % of DJAMO users receive salaries through the application. “The next stage for us, you discover how to move from 10 % to 50 % of our users who get their paid salaries directly to Jamo,” said Burji.
Meanwhile, Jamo also intensifies services for small companies – where 10,000 of them started, many of whom started as retail users. According to CTO BAMBA, start starting now provides large payments, payment links and quick response icon tools to help traders accept and manage payments directly within the application.
Fintech creates revenues from merchant fees on online cards purchases and an excellent level plan, which is paid by 25 % of users. BAMBA adds that the company explores additional revenue flows, including lending and gaining attention to customer deposits. It is about to secure licenses that allow it to provide savings accounts and credit products.
Jammu founders say that the company has grown 5X revenues since 2022 and has been treated with more than $ 4.5 billion in transactions since its launch.
With its recent expansion in Senegal, Jamo entered a Wave market, one of the largest technology in Africa known for transporting low -cost mobile money. But instead of competition directly, DJAMO sets itself as a supplementary service, as it provides a digital banking experience where users can store money and access more advanced tools such as savings, investments and credit.
Now a team of 250 people, Jammu is betting that the new financing round, led by General African, VC Janngo Capital, which focuses on the sexes, will help it expand the scope of these services through French -speaking Africa.
“We are pleased to lead to leading the largest VC tour in Ivory Coast and hitting on Jamo, the Fintech company, which relies on the task that transforms access to financial services throughout West African Francophone,” said Fatatta B, founder and CEO of Jango Capital.
“In an area with less than 25 % of adults, they can access official financial services, and where women are twice excluded, this is a vital task. With women who make up a third of their users, not only closes the gender gap, but also opens the economic opportunity on a large scale.”
Among the other investors participating in the Fund Fund for Msmes (managed in Motion), Partec, Oikocredit, Enza Capital and Y Combinator.
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